STTAS EU Trade Weekly

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Europe

European Union: Text of EU–Canada FTA Published

The Comprehensive Economic and Trade Agreement between the EU and Canada will remove customs duties, end limitations on access to public contracts, open up services markets, offer predictable conditions for investors, and help prevent the illegal copying of EU innovations and traditional products. The EU has provided the complete outcome of the negotiations and a consolidated version of the text of the CETA, which is not yet binding under international law and will only become so after a legal review and the completion of the ratification process. (European Commission)

European Union: Duties on Most Imports from Kenya Increased on 1 October

Kenya lost its duty- and quota-free market access to the EU on 1 October when Brussels rejected a draft economic partnership agreement with the five-member East African Community. The other EAC members – Tanzania, Uganda, Rwanda and Burundi – will continue to enjoy preferential access to the EU market through the Everything but Arms initiative for least-developed countries. Other African countries exporting to the EU are also safe from higher taxation after their respective trading blocs, the Economic Community of West African States and the Southern African Development Community, both signed EPAs with the EU last July. (The Star)

European Union: Implementation of FTA with Ukraine Postponed

The European Union has adopted a formal decision delaying the application of a deep and comprehensive free trade agreement with Ukraine to 31 December 2015. The agreement was ratified by both the EU and Ukraine on 16 September and had been planned to take effect in November. (ITAR-TASS)

European Union: Probe into Gibraltar's Corporate Tax Regime Extended

The European Commission has extended the scope of its investigation into whether Gibraltar's corporate tax regime favors certain companies, in breach of EU state aid rules. The EU executive will examine a practice that allows companies to ask for advance confirmation of whether certain income is subject to tax in the British colony. The move comes as the EU steps up its campaign against what some members consider to be unfair tax competition and the facilitation of corporate tax avoidance by some European countries. (Reuters)

The European Photovoltaic Industry Association has called for the rapid conclusion of multilateral talks to remove tariffs on cross-border trade in environmental goods and services. The EPIA said efforts to reduce the tax burden on solar products will undoubtedly increase the uptake and support of environmental efforts. (Tax-News.com)

Spain: Cuts to Corporate and Personal Income Tax Rates

Spain's 2015 budget contains a number of measures aimed at stimulating economic growth, including cuts to the corporate and personal income tax rates. Personal income taxes will be reduced by an average of 12.5 percent, with those of medium and low incomes being the main beneficiaries. The main corporate tax will be cut from 30 percent to 28 percent. In addition, the tax on wealth exceeding EUR700,000 (USD884,080) will be extended for one year. (Tax-News.com)

Russia: State Duma Ratifies Treaty on the Eurasian Economic Union

The State Duma of Russia has ratified the Treaty on the Eurasian Economic Union, which was signed by the presidents of Russia, Belarus and Kazakhstan in May. This completes the formation of the common market among the three countries, the largest in the Commonwealth of Independent States with 170 million people. (Full article in Russian) (http://www.tks.ru/news/nearby/2014/09/29/0001www.tks.ru)

Croatia: New Gate for Truck Exits Opened 1 October at Port of Rijeka

To further improve customs procedures and increase cargo flow, the Adriatic Gate Container Terminal, in cooperation with Croatian Customs and the Port of Rijeka Authority, has allowed trucks to leave the terminal through the new (eastern) gate effective from 1 October. (Austria Transport News)

Poland: Customs Service Offers Clearance Before Arrival At the beginning of 2014 Poland’s Customs Service launched a new service offering clearance prior to arrival. This service speeds up customs clearance by enabling customs authorities to prepare early for check-in based on data supplied by the trader in the application even before the presentation of the goods. This will allow the acceleration of trade in goods in seaports, increasing liquidity, reducing costs and thereby increasing the competitiveness of Polish ports. (Full article in Polish) (Customs Chamber in Warsaw)